The Conservative Party is struggling to retain high-value donors as many shift their support to Nigel Farage's Reform UK, according to party sources. The defections come ahead of the Conservatives' London conference on Saturday, where leader Kemi Badenoch is expected to appear and attend evening drinks with wealthy donors.
Reform UK held a fundraiser in Mayfair on Tuesday, attended by former Conservative donors Bassim Haidar and Mohamed Amersi, who each paid £25,000 to sit at a top table with Farage. Reform sources say pledges exceeding £1 million have already been received from businesspeople, causing deep concern at Conservative Central Headquarters (CCHQ) that more donors may switch.
A Conservative source described the past few months as among the worst for party donations, with the treasurer department alarmed by donors pausing or stopping contributions. Those who have already started donating to Reform are considered particularly difficult to win back. Some senior Tories worry that Badenoch has not made sufficient effort to woo donors, with one attendee at a function noting she arrived late, was not explicit about asking for money, and left early.
Sir Rocco Forte, a luxury hotel owner who donated £20,000 to Badenoch's leadership campaign and £100,000 to the Tories in 2019, expressed uncertainty about the party's direction. He praised Badenoch but said she must distance herself from the previous government's record. Forte suggested that an accommodation between the Tories and Reform UK might be necessary to avoid splitting the right-wing vote.
In a further challenge, Farage plans to hold a rally in Badenoch's North West Essex constituency on Friday night. Badenoch holds a slim majority of 2,610 votes, and a strong Reform showing could hand the seat to Labour. The Conservative Party retains Graham Edwards as treasurer, who has donated £3.5 million since 2018, but some donors feel the party has not adequately replaced Ben Elliot, who raised over £70 million under Boris Johnson.
A Conservative spokesperson said the party is working to renew and rebuild trust under new leadership, adding that fundraising is an important part of the democratic process.
